Automotive Ignition Coil Market Trends

Growth Drivers

• Growing Demand for Battery Replacement - It was found that nearly 100 million car batteries are replaced every year in the United States.

• The battery is a key component of the battery ignition system. The battery acts as a power source in this system. The battery ignition system is the primary system in automobiles to generate energy. Furthermore, the automotive battery is considered to be the heart of the electrical system of the vehicle. The rising demand for batteries is expected to propel the automotive ignition coil market in the forecasted period.
• Increment in the Utilization of Power Transistors – Power transistors are used to control higher current circuits at lower voltages, and it is anticipated to drive the global automotive ignition coils market. For instance, the global sales of power transistors amounted to around USD 17 billion in 2019.
• Increasing Sales and Production of Electric Vehicle – As of 2021, the global sales of electric light vehicles were expected to reach approximately 6 million units, up from 2 million units. Furthermore, approximately 12 million battery electric vehicles (BEVs) are expected to be produced by China in 2023.
• Growth in the Auto Components Industry to Boost the Production of Ignition Coils– The auto component industry is flourishing Y-O-Y owing to ongoing innovations and a surge in investment by multiple organizations and companies. For instance, in 2021-22, the turnover registered by the auto component industry in India was projected to be around USD 56 million.
• Escalation in the Number of Cars on the Road – As of 2022, around 1 billion cars were observed to be driven on the road. Additionally, 65 million automobiles were projected to be sold out across the globe.

Challenges

• Concern About a Malfunctioning Ignition Coil – As it can cause the car to stall as a result of irregular sparks sent by the spark plug. Many modern engines have multiple ignition coils and if they have several bad ignition coils, it could result in faulty ignition and difficulty starting the engine.

• High Cost Involved in the Research & Development
• Stringent Government Regulations for Emission Norms